Firan Technology Group Corporation (FTG) Signs 10 Year Lease for Expanded Facility for FTG Aerospace
FTG announced today they have leased a new facility for their FTG Aerospace business. The new facility will allow FTG aerospace to move from the three separate facilities they are occupying into a single, right-sized facility. This move is expected to provide significant opportunities for additional manufacturing efficiencies and build on the great strides made in the last year in Lean Manufacturing improvements.
The lease has a term of 10 years with two options to renew, providing the business with a stable operating base for the foreseeable future. The facility is approximately 34,000 square feet providing more space than the current three facilities and there is an option to add up to 30% more space to the facility if needed.
The facility is within 5 kilometers of the current site, and has excellent road and public transportation access ensuring 100% retention of the skilled staff employed in the business.
FTG takes possession of the facility in July, 2007 and following a period for leasehold improvements, expect to move the business by October, 2007. The Company, with the assistance of expert consultants, is developing a facility layout optimized for Lean Manufacturing flows and has established a move plan to ensure no disruption of shipments to all customers.
“FTG Aerospace has been growing rapidly due to the strength of the Aerospace and Defense market and our internal focus on Operational Excellence,” stated Brad Bourne, President and CEO, FTG Corporation, “and we are committed to providing this key part of FTG with the necessary infrastructure to continue this growth for the future”.
Collin Latchman, Vice President and General Manager, FTG Aerospace added, “The new facility is ideal for our business and we are confident that moving the business into a single facility will provide many benefits including improved opportunities for Lean Manufacturing, improved communication within the business and reduced costs all leading to increased capacity, reduced cycle time and further improvements in our never ending journey towards Operational Excellence.”
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defense electronics product and subsystem supplier to the North American marketplace. FTG has two operating units.
FTG Circuits is a manufacturer of high technology/high reliability printed circuit boards. Our customers are leaders in the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario and Chatsworth, California.
FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of avionics products as well as airframe manufacturers.
The Company's shares are traded on the Toronto Stock Exchange under the symbol FTG.
This news release contains certain forward-looking statements. Such statements are based on the current expectations of management of the Company and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Company’s industry, generally. The preceding list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Company. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Company and not place undue reliance on forward-looking statements.
For further information please contact:
Bradley C. Bourne
President and CEO
Tel: (416) 299-4000 x314
Firan Technology Group Corporation
Joseph R. Ricci
Vice President and CFO
Tel:(416) 299-4000 x309
Firan Technology Group Corporation
Additional information can be found at the Company’s web site www.ftgcorp.com